BENGALURU: Indian shares closed flat on Monday, as gains in energy and metals stocks, on a cut in windfall tax on crude and a soft US dollar, respectively, were offset by profit booking in financials.

The NSE Nifty 50 index rose 0.13% to 24,572.65, and the S&P BSE Sensex shed 0.02% to 80,424.68.

“We may continue to see some more time correction for benchmarks as some market participants who missed booking profits earlier are keen...,” said Abhishek Goenka, founder and CEO, IFA Global.

Both benchmarks dropped about 2% each from record high levels hit on Aug. 1.

“Overall, the results season has been satisfactory but for current valuations to remain justified, we cannot afford a slowdown in earnings momentum,” Goenka added.

Nine of the 13 major sectors logged gains. Energy and oil & gas rose about 1.33% and 1.52%, respectively.

Oil & Natural Gas Corp rose about 1.75%, with other oil upstream companies such as Oil India and Mangalore Refinery gaining 1.75% and 3.82%.